First Berlin Equity Research Reiterates Buy Rating for CEL-SCI Corporation

On September 4, 2024, First Berlin Equity Research reaffirmed its Buy rating on CEL-SCI Corporation. Analyst Christian Orquera maintained the USD 6.20 price target, emphasizing the company's financial results and future plans.

CEL-SCI's financial results for the first nine months of FY 2023/2024 aligned with expectations. The company reported no revenue and reduced its operating expenses. EBIT stood at USD -20.2 million, and the cash position fell to USD 385,000. However, a capital influx of USD 10.85 million in July 2024 has extended the operational runway into Q1 2025.

The report highlighted CEL-SCI's upcoming confirmatory trial for its drug candidate, Multikine, expected to begin in late 2024 or early 2025. The study is projected to cost approximately USD 30 million. The FDA's approval for this trial, given in May 2024, supports additional financing efforts.

CEL-SCI released positive outcomes from a bias analysis of its completed Multikine Phase 3 study, bolstering confidence in the drug's potential for treating advanced head and neck squamous cell carcinoma.